Egypt’s long-awaited Eurobond launch met with a stronger than anticipated demand: potential demand for the planned $2-2.5bn issue hit $13.5bn, prompting the Egyptian authorities to hike the size of the issue to around $4bn.

Lead managers BNP Paribas, Citigroup, JP Morgan Chase and Natixis sold the $4bn of bonds in three tranches: $1.75bn of five-year paper with a yield of 6.125%; $1bn of 10-year paper at 7.5%; and $1.25bn of 30-year bonds at 8.5%.

The oversubscription could tempt...